The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1887-02-26
10000

gen coaniy expenses the sum Of t'c""
Which Ia g., O66 more than was required
for similar expenses for the fiscal year end
inc sent LIST. 1885, and II We added this
sum a. the surplus above figured, namely
SI3 os3 81, We will have the net sum ~
| tls3iyyl, ~ the probable balance IN the
treasury ON the iirst day Of January, a, ID
| 1889.
Your committee are Of the opinion that
the r,lus will be much larger than the
figures above given, from the Tact tha' IA,
large appropriations for bridge purposes or
otherwise, are likely 10 made, and the cur
rent expenses OF the county viii be much
smaller than for the fiscal year ending 1850
Your committee would further report
that, under the resolution OF this board
authorizing them "a provide iunds LOT tue
present necessities of the county, they nave
d. ocur.d n loan Of 5000, payable Mirch
| 18th. 1887, at which tine the county re'e.
nuss will be available for the paymnet oil
the same.
Under the existing circumstances and In
view Of the foregoing staten ent oi lactS,
your committee Tor majority OF then
deemed IL unwise and unnecs ssary 10 Issue
any more than $50 900 In be nds, satisfies
that that amount, with the surplus Lon
the tax levy, will be AMPLY sufficient T.
meet all liabilities Of the county.
We would further report that the blani
bonds, fifteen In number, which were no
issued, were DESTROYED by ire In the pres
ence Of your committee.
In all of which the concurrence Of the
Board Is respectfully asked
u. FIsoIER,
JOHN r. REED,
FRED w EADEs,
4. L. GRIFFIN.
The following mj.,onty report OF said
committee was read, and on motion oil
uperyisor NorrJn ordered published with
the proceedings of this special session.
To the honorable, the Board Of Super
pisoys of la Salis County:-The under.
signed members Of the committee ap
pointed 70 negotiate bonds, etc, not being
in accord with the report Of the committee
filed with the county clerk, dated Jan. 4th,
1887, respectfully ask your permission 10
make anu have placed on record the follow.
Ing statement OF facts, together with their
views ~ 20 the policy that In their 1udg'
men, should be pursued IN reference to the
issue of the proposed bonds.
For many years II has been the practice
of the county Board % cover any failure of
the annual revenues 10 meet current eX-
penses and appropriations of the Board by
Issuing notes signed by the chairman OF
the Board and the county treasurer, To
whomsoever would advance upon them,
the money a. II was required. The Board
exercising this assumed right CT borrowing
money--for there Is no pretense OF Legality
about it-hss neglected fer years many TO
levy sufficient revenues TO pay expenses
The result WAS that at the last Septem
ber session of the county Board the finance
committee reported that 1t was advisable
and necessary to submit 10 the electors OF
the county the question OF bonding the
county fer $4,000. This WAS made neces
sary 70 give, If possible, legal standing 10
the deficit which the committee then re-
ported 10 be 10 excess of that amount.
The repIrt Of the committee vas adopted,
The proposition WIS submitted, and the au
thOSity to b0rroT the amount OF STo,Wo,
Witch vDaa 10 % applied in funding the
present luating Indebtedness, WAS given 10
the present Board of Supervisors.
This floating Indebtedness, at the sep
tsmber session, consisted of notes signed
by the chairman of the Board and county
treasurer, and special interest bearing
county orders, together with Interest on the
same, due and to become due mostly In
December 1885, but all prior to Feb. lst,
1897, ~ follows;